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US:

The Dow Jones Industrial Average slipped as the Biden Administration defended its plan to significantly raise the capital gains tax rate for wealthy Americans, however the Nasdaq hit a new closing high

Asia:

Shares in Asia-Pacific were lower Tuesday morning as investors await the Bank of Japan’s interest rate decision

India:

Domestic benchmark indices rose on Monday, tracking gains in ICICI Bank, Reliance Industries, Axis Bank and SBI, amid positive trends in global markets and hopes that surging coronavirus cases could peak soon and mitigate the pandemic's economic impact. Amid this backdrop, BSE barometer Sensex settled the day at 48,387, up 508 points. Meanwhile, NSE's Nifty50 index added 144 points to close at 14,485. Market is expected to open on a flattish note and likely to witness sideways move during the day.

Global Economy:

New orders for key U.S.-made capital goods rose solidly in March and shipments surged, cementing expectations that economic growth accelerated in the first quarter as massive government aid and improving public health boosted demand. The strength in business spending on Monday joined upbeat data on retail sales and the labor market in setting up the economy for what analysts expect will be its best performance this year in nearly four decades. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.9% last month. The German government has raised its growth forecast for this year to 3.5%, compared with the 3% growth it was expecting back in January. The government expected Europe's largest economy to expand by 3.6% in 2022. Although, German business morale improved only slightly in April as a third wave of COVID-19 infections and a semiconductor shortage in the motor vehicle sector slowed a recovery in Europe's largest economy.

Commodities:

Oil prices bounced back early on Tuesday from drops in the previous session, but gains were seen likely capped by growing concern about fuel demand in India, the world's third-biggest crude importer now slammed by spiralling new coronavirus cases. Gold prices were little changed on Tuesday, ahead of the U.S. Federal Reserve’s monetary policy meeting, while palladium was pinned below a record peak scaled in the previous session.

Currency:

The The dollar hovered near multi-week lows versus major peers on Tuesday, weighed by subdued Treasury yields, as investors consolidated positions ahead of the Federal Reserve's policy decision this week.

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